MSM: Children, 4, ‘to be fingerprinted to borrow school books from library’

(DailyTelegraph) – Students in Manchester are having their thumbprints digitally transformed into electronic codes, which can then be recognised by a computer program.

Under the scheme, pupils swipe a bar code inside the book they want borrow then press their thumb on to a scanner to authorise the loan. Books are returned in the same way.

The scheme is being trialled on junior classes at Higher Lane Primary in Whitefield, Bury, Greater Manchester.

Officials confirmed it is due to be extended to all pupils at the school, one of the areas largest primary schools, with 453 pupils aged four to 11.

School authorities defended the scheme on Thursday, and moved to reassure parents that the voluntary system, is heavily encrypted or coded and that no images of fingerprints would be stored. Read entire article

The Bankruptcy of the United States is Now Certain – Porter Stansberry

It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from? Continue reading

The REAL Battle Over America’s Banking System

The battle to reform the American banking system needs to include reimposing the barrier between investment banking and depository banking (Glass-Steagall), pay incentives based on what is best for Americans and not just the top executives, the end of too big to fail, and other changes which are frequently discussed by financial writers. These are vital issues. Continue reading

Three Government Reports Point to Fiscal Doomsday

When our leaders have no awareness of the disastrous consequences of their actions, they can claim ignorance and take no action. Continue reading

MSM: US May Face ‘Armageddon’ If China, Japan Don’t Buy Debt

(CNBC) – The US is too dependent on Japan and China buying up the country’s debt and could face severe economic problems if that stops, Tiger Management founder and chairman Julian Robertson told CNBC. Continue reading

The Spend-And-Borrow Economy – Nouriel Roubini

In the last few months the world economy has been saved from a near-depression. That feat has been achieved by a range of extraordinary government stimulus measures: In the U.S. and in China, and to a lesser extent in Europe, Japan and other countries, governments have pumped liquidity, slashed policy rates, cut taxes, primed demand and ring-fenced and back-stopped the financial system. All of this has worked, but at a cost. Governments have been spending and borrowing like never before. The question now is: how do they stop? Continue reading

Judgment day: broke California faces shutdown at Arnie Schwarzenegger’s hands

The state’s top finance officials warned that unless an emergency austerity plan is agreed by Monday — and there is little chance that it will be — they will not be able to borrow the billions of dollars needed to keep the current government functioning. If California was a company, it would have gone bust months ago. Continue reading

The Frame of Mind of American Economic Policymakers

In his 1,200 page History of Economic Analysis, Joseph Schumpeter mentions Gesell just twice and just en passant – in one instance when explaining that Keynes himself acknowledged in the General Theory of Employment, Interest and Money that Gesell had a much larger influence on him than Hobson. (Keynes called Gesell a “non-Marxian socialist.”) Continue reading

Property Rights Take a Hit – Peter Schiff

“Crony capitalism” is a term often applied to foreign nations where government interference circumvents market forces. The practice is widely associated with tin-pot dictators and second-rate economies. Continue reading

America is Living on Borrowed Time

America is living on borrowed time as the credit clock time bomb approaches midnight. The Obama administration still doesn’t get it with its top down stimulus plan ~ Americans are in survival mode. They are broke, their credit cards are maxed out, they only spend for necessities wherein food and rent take precedence over credit card purchases or payments Continue reading

Financial Crisis: The Next Leg Down

Collapsing home prices and credit markets continue to put downward pressure on consumer spending, forcing the Federal Reserve to take even more radical action to revive the economy. Continue reading

USA Has Two Options To Save its Economy: Declare Default or Trigger War

The United States is the largest borrower in the world. The US national debt has already exceeded the level of 11 trillion dollars as of the beginning of 2009 and continues to grow like an avalanche. Experts say that the USA has only two ways to solve the problem: to either declare default or trigger off a war. Continue reading

Now-needy FDIC collected little in premiums

With fund going strong, banks didn’t pay for decade

WASHINGTON – The federal agency that insures bank deposits, which is asking for emergency powers to borrow up to $500 billion to take over failed banks, is facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006. Continue reading

Film: In Debt We Trust

In America’s earliest days, there were barn-raising parties in which neighbors helped each other build up their farms. Today, in some churches, there are debt liquidation revivals in which parishioners chip in to free each other from growing credit card debts that are driving American families to bankruptcy and desperation. IN DEBT WE TRUST is the latest film from Danny Schechter, “The News Dissector,” director of the internationally distributed and award-winning WMD (Weapons of Mass Deception), an expose of the media’s role in the Iraq War. The Emmy-winning former ABC News and CNN producer’s new hard-hitting documentary investigates why so many Americans are being strangled by debt.

 

Obama’s “stimulus” plan is about debt owed to bankers, not government socialism

Republicans are trotting out the “S” word in response to Obama’s historically unprecedented borrow and spend bill. “S” stands for socialism. Continue reading